Insider Economy NPLs in the Cyprus banking system down by €132 million in July

NPLs in the Cyprus banking system down by €132 million in July

Non- Performing Loans (NPLs) in the Cyprus banking system dropped by €132 million continuing their downward trajectory, assisted by disposals as well as the debt repayment moratorium in place since March until end-December, as part of the measures to tackle the impact of the coronavirus pandemic.

According to data released by the Central Bank of Cyprus (CBC) on Friday, total NPLs in end-July declined to €6.57 billion representing 22% of total loans compared with €6.7 bl in the previous month. From the beginning of the year, NPLs marked a drop of €2,4 bl, mainly attributed to the sale of an NPL portfolio with contractual value of €1,4 bl by the Bank of Cyprus (Helix 2) and a write down amounting to €0.5 bl by Hellenic Bank.

Furthermore, total accumulated provisions remained steady at 52.7% of total NPLs, amounting to €3.46 bl.

Total restructured loans at the end of July amounted to €4.22 bl, of which €3.04 bl continue to be classified as non-performing, according to the definition of the European Banking Authority.

Of the total NPLS, 50.3% or €3.3 bl are held by households and 44.3% or €2,9 billion are held by non-financial institutions, the CBC said. However, according to the CBC data, €2.43 bl or 83% of the total corporate NPLs are held by small and medium sized enterprises.
Total accumulated provisions for corporate NPLS amounted to 60%, with 61% for NPLs held by SMEs, while accumulated provisions for household NPLs amounted to 43%, the CBC added.

(CNA)

Top Stories

Proposal for establishment of Deputy Ministry for Social Welfare

During its meeting today, the Ministerial Council approved a draft bill regarding the establishment of a Deputy Ministry for Social Welfare. The Deputy Ministry will...

Health Minister announces gradual relaxation of COVID-19 measures (updated)

During a news conference, Health Minister Konstantinos Ioannou announced the relaxations of the restrictive measures aiming to contain the spreading of COVID-19.  As he...

Hotline 1471 for those feeling stressed and despaired due to the coronavirus

Feeling stressed and in despair because of personal, social and economic consequences of the covid-19 pandemic? Then call the Citizens’ Line on 1471 and...

Number of Cypriot officials attacked through fake social media accounts on the rise

The number of Cypriot officials coming under attack through fake social media accounts is rising year in year out, according to official data. Specifically, data...

Cyprus’ proposals for EU Recovery and Resilience Facility funds before Commission

Cyprus’ plan of proposals to receive about €968 million of funding from the European Union Recovery and Resilience Facility – Next Generation EU were...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...